By: Jon Costello
In November, I wrote that a recovery in the titanium dioxide market appeared imminent. With fourth-quarter results now in for Tronox TROX 0.00%↑ , Chemours CC 0.00%↑ , and Kronos Worldwide KRO 0.00%↑ , it is clear that the fourth quarter was the most painful of the current downcycle, which has dragged on for more than four years.
Results were ugly all around. Kronos’ EBITDA collapsed 94% year over year. Tronox posted negative free cash flow of $281 million, and Chemours’ titanium dioxide segment saw its weakest results since becoming a public company.
As bad as the results were, the investment case for these companies is stronger today than it was just four months ago. More than 1.1 million tons of capacity—approximately 11% of the global market—has been removed through plant idling, shutdowns, and business liquidations. The large-scale inventory liquidation that persisted throughout much of 2025 has run its course.